Bitcoin DeFi security concerns still lurk, says Fireblocks executive

The post Bitcoin DeFi security concerns still lurk, says Fireblocks executive appeared on BitcoinEthereumNews.com. A Bitcoin (BTC) decentralized ecosystem has been in rapid development in 2024, with its total value locked (TVL) jumping 263% so far and surpassing $1 billion, according to data aggregator DefiLlama. Nevertheless, as a nascent sector where builders try to create applications compatible with other blockchains, new security issues might surface while it grows.  Shahar Madar, VP of Security and Trust at Fireblocks, shared with Crypto Briefing his insights on Bitcoin decentralized application risks and how mature the security of the decentralized finance (DeFi) ecosystem is. Crypto Briefing – Did you find any issues with the different applications built on top of Bitcoin that raised your concern? Shahar Madar – I would say this is very early on. Although I think there are many conversations about Bitcoin DeFi, I’m not sure we are at the stage where it’s as adopted as it could be. Bitcoin is definitely a staple of the blockchain industry and the blockchain ecosystem. We see Wrapped Bitcoin as one of the important tokens, and our customers use it a lot. On DeFi over Bitcoin, personally, I feel it’s too early to tell. Usually, the way you see this kind of thing is that you iterate pretty quickly with different implementations. We’ve seen this. We see this even with account abstraction. We see this with some technologies that have been spoken about for a very long time. So because this place is very innovation-driven, there’s going to be usually many iterations.  I don’t know if that’s specific to Bitcoin DeFi, but usually, this kind of thing evolves over time. We only find the core issues or points of pain when people start using it. Crypto Briefing – Recent studies show that private key compromises are the most recurring and damaging attack vectors in the crypto industry. Do…

Jun 6, 2024 - 02:00
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Bitcoin DeFi security concerns still lurk, says Fireblocks executive

The post Bitcoin DeFi security concerns still lurk, says Fireblocks executive appeared on BitcoinEthereumNews.com.

A Bitcoin (BTC) decentralized ecosystem has been in rapid development in 2024, with its total value locked (TVL) jumping 263% so far and surpassing $1 billion, according to data aggregator DefiLlama. Nevertheless, as a nascent sector where builders try to create applications compatible with other blockchains, new security issues might surface while it grows.  Shahar Madar, VP of Security and Trust at Fireblocks, shared with Crypto Briefing his insights on Bitcoin decentralized application risks and how mature the security of the decentralized finance (DeFi) ecosystem is. Crypto Briefing – Did you find any issues with the different applications built on top of Bitcoin that raised your concern? Shahar Madar – I would say this is very early on. Although I think there are many conversations about Bitcoin DeFi, I’m not sure we are at the stage where it’s as adopted as it could be. Bitcoin is definitely a staple of the blockchain industry and the blockchain ecosystem. We see Wrapped Bitcoin as one of the important tokens, and our customers use it a lot. On DeFi over Bitcoin, personally, I feel it’s too early to tell. Usually, the way you see this kind of thing is that you iterate pretty quickly with different implementations. We’ve seen this. We see this even with account abstraction. We see this with some technologies that have been spoken about for a very long time. So because this place is very innovation-driven, there’s going to be usually many iterations.  I don’t know if that’s specific to Bitcoin DeFi, but usually, this kind of thing evolves over time. We only find the core issues or points of pain when people start using it. Crypto Briefing – Recent studies show that private key compromises are the most recurring and damaging attack vectors in the crypto industry. Do…

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